On the 20th of December we were all greeted with the news that THQ had officially gone bankrupt but that Clearlake Capital had picked up the companies assets and IP’s and that future development was still on target.
While this sounded great for gamers it was a little surprising that a deal was reached so quickly and so perfectly and it seems that gamers weren’t the only ones who were a little shocked by that.
In fact there are now 2 official investigations into the deal from separate parties to make sure this bankruptcy and sale is in fact legal.
The first complaint is from a US Trustee, Roberta DeAngelis, who is claiming that the sale schedule is too short to allow anyone but Clearlake a chance to snap up the company and that oddly enough if someone else did come in and win the sale then Clearlake would be owed $2.25 million in fees. Making the sale far less appealing to anyone else.
The second complaint is a little worse for us gamers, according to a group of creditors have alleged that THQ management had arranged the auction in such a way that they are putting more emphasis on saving their jobs and the company instead of maximising the profit from the sale.
Basically what they are saying is that if THQ had auctioned off pieces of the company instead of the company as a whole it would have received more money which means more creditors would have received the money they put in but that THQ would have ended as an entity.
We don’t want to see THQ going anywhere but the second complaint does seem like it could win… we’ll keep an eye on this.
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